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DunPort raises €335m at final close for Oak Corporate Credit

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    Date: 30 May 2022
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  • SME focused lending fund launched in July 2021, with €80m of capital deployed to date
  • European Investment Fund commits €70m, marking its first diversified debt fund investment in Ireland

DunPort Capital Management (“DunPort”) is pleased to announce the final close of its SME focused direct lending fund, Oak Corporate Credit DAC (“Oak”), at €335m following a €70m commitment from the European Investment Fund (“EIF”). Oak is also backed by a €95m commitment from the Ireland Strategic Investment Fund (“ISIF”) and supported by a number of other domestic and international institutional investors.

The EIF subscription marks the first diversified debt fund investment in Ireland by the specialist provider of risk finance. The agreement is backed by the Pan-European Guarantee Fund, as part of the European Union's €540 billion package to address the economic impact of COVID-19.

Since the launch of the Oak fund in July 2021, DunPort has deployed approximately €80m in support of companies across Ireland and the UK. This brings the total amount of capital deployed by DunPort’s experienced team of investment professionals to €430m across 443 different transactions with 37 companies since DunPort was established in 2017.

Through the Oak fund, DunPort is targeting the provision of tailored and flexible debt capital solutions to lower mid-market companies with earnings of between €1m and €10m in Ireland and the UK. Capital from the fund is deployed in support of established businesses, across a diverse range of sectors, that require debt to fund the scaling of their activities through investment and development expenditure, acquisitions, recapitalisations or to resolve legacy financing issues.

“We continue to see strong and sustained demand for flexible debt solutions from a wide range of advisors, sponsors and business owners in both Ireland and the UK,” commented Pat Walsh, Executive Director of DunPort. “Following the successful initial deployment of capital across a number of transactions through our latest credit vehicle, Oak, we are very pleased to announce the fund’s upsizing at its final close. The additional capital, which includes a significant commitment from the European Investment Fund, will facilitate the continued support of SMEs across our core markets. With a robust pipeline of opportunities currently under review, we at DunPort look forward to building on the strong relationships with our investor base and the wider intermediary network to enhance our position as a leading alternative debt capital provider in Ireland and the UK,” Mr Walsh said.

“At DunPort, we have identified an attractive opportunity in the lower mid-market to invest in well-established businesses with strong risk adjusted returns.  We are delighted to have the support of the EIF and all of our investors in pursuing this investment strategy,” added Ross Morrow, Executive Director of DunPort. “Our targeted niche of the market has a large volume of transactions but with a limited supply of alternative debt capital. DunPort’s €335m fund offers borrowers a differentiated capital solution to other potential sources based on speed of response, access to decision makers, certainty of execution and flexibility in our investment process, as well as continuity of relationship management throughout the term of the funding,” Mr Morrow concluded.

Alain Godard, Chief Executive of the EIF, added: “We are delighted to support DunPort, a leading private debt player, to provide flexible financing to Irish SMEs and entrepreneurs. Thanks to this investment, also backed by the pan-European Guarantee Fund and being the first diversified debt fund investment in Ireland, we will contribute to supporting the economic recovery of Irish companies and drive growth, innovation and employment in Ireland”

Background information:

About DunPort

DunPort Capital Management DAC (“DunPort”) is a leading Irish asset management company focused on the private debt asset class. Founded in 2017, DunPort provides flexible debt and hybrid capital solutions for SMEs and mid-sized corporates across Ireland and the UK. With an experienced investment team of 14 professionals based in Dublin, DunPort has provided a variety of flexible capital solutions to companies across a broad range of sectors, details of which can be found on www.dunportcapital.ie/trackrecord

About EIF

The European Investment Fund is part of the European Investment Bank Group. The EIF designs and develops both venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. [SL1] The EIF is also active in supporting Climate and Infrastructure fund investments with a strong focus on climate action & environmental sustainability. Through its activities, the EIF fosters EU objectives in support of countering climate change as well as fostering innovation, research and development, entrepreneurship, growth and employment.

About EGF

The European Guarantee Fund (EGF) was created by the EIB Group with contributions from EU Member States to protect companies that are struggling in the crisis caused by COVID-19. With almost €25 billion in guarantees, the EGF allows the EIB and EIF to swiftly offer companies, mostly SMEs and mid-caps, access to loans, guarantees, asset-backed securities, capital and other financial instruments. The EGF forms part of the package of recovery measures put in place by the European Union, with the objective of providing a total of €540 billion to support the hardest hit sectors of the EU economy.

Press contacts:

EIF:

Richard Willis, Tel: +352 43 79 82155 / Mobile: +352 621 55 57 58, r.willis@eib.org,

Website: www.eif.org - Press Office: +352 4379 21000 – press@eib.org Follow us on Twitter@eif_eu

DunPort:

Drury Communications

Cathal Barry, +353 87 227 9281 Cathal.Barry@drury.ie

Billy Murphy, +353 87 231 3085Billy.Murphy@drury.ie

Paul Clifford, paul.clifford@drury.ie

Website: www.dunportcapital.ie

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.

 
 

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